In 2009, the U.S. economy is going to collapse...

[No DUplicitous DUpe]

(Posted with permission from http://www.saneramblings.com)
Dear Reader,

In 2009, the U.S. economy is going to collapse, the worst since the Great Depression. You will see much higher interest rates and tremendous fallout from the crashing real estate market and from the crumbling financial institutions. Gasoline prices and availability are anyone's guess.

To postpone this financial disaster until after the November elections, U.S. politicians have cynically assured the public and stoked the economy. But inflation is sweeping through nations across the globe, food shortages are spreading and the U.S. is already incurring higher food and gas prices. This is just the beginning.

We're going to pay a severe price for the wild, irresponsible financial speculation that took place in recent years. An example is the packagers who sold trillions of dollars in "securitized" unregulated mortgages many of which are going bad.

While packagers such as Bear Stearns made huge fees, with some people becoming billionaires, the buyers such as many pension funds and mutual funds of hard working people have been put in peril. As with Bear Stearns, any bailouts will come from the taxpayers, not those who made fortunes selling these risky deals.

And we'll all be sharply impacted by the vast waste of money the U.S. government is spending on wars and weapons, money it doesn't have and continues to borrow. Think of it like a thief who stole your credit card and is running up big bills and has no idea how this money will be paid back.

But we will get through this crisis together. As you prepare for this fierce financial storm about to hit us, if possible, pay down or renegotiate your credit card balances, put your savings in FDIC insured accounts and make sure your job is safe. When we're in the throes of this storm, you'll be thankful you did.

Dick